Hyatt regency hotel expands its australian footprint

This week the chain will take over the operation of the largest hotel in the country, by rooms, at Sussex Street, Darling Harbour, from the former operators, Starwood’s Four Points by Sheraton.

It will be the third site for the chain, which is owned by Chicago’s Pritzker​ family, with the next to open at Essendon in Melbourne. Yoga brighton co The chain had a hotel in Sydney’s Kings Cross before the site was sold and is now the Millennial apartment tower.

Malcolm Zancanaro​, the general manager Hyatt Regency Sydney, said Australia was an important market for its guests, and had been a focus for the chain for a long time.

“Sydney is an important destination for the Hyatt Regency brand and the location is perfect, with the proximity to the core of the city and the new International Convention Centre, which opens next month and will be the drawcard for business events.”

The Hyatt Regency’s arrival comes as the recent release of Tourist Accommodation data by the Australian Bureau of Statistics (ABS) shows the hotel sector continues to perform strongly overall, but remains fragmented.

Nationally revenue per available room (REVPAR) increased by 3.6 per cent during the 2016 financial year, with the average room receiving $115.30 per night, up from $111.30 the previous year, according to ABS data analysed by Savills. Santa cruz yoga Occupancy levels rose slightly to 66 per cent, but most of the gain was driven by room rates that rose to $174.6 per night.

Savills national head of Capital Strategy, Chris Freeman, said the lower Australian dollar was seeing more Australians holiday domestically while inbound tourist numbers continued to improve. However, economic drivers seen in other sectors continued to fragment national performance.

“NSW, and in particular Sydney, were the standouts over the 2017 financial year with average REVPAR in NSW overtaking Victoria during the year as the state’s economy continues to lead the nation,” Mr Freeman said.

“While performance is not as volatile as office markets, it is certainly similar with Sydney recording a 9.1 per cent gain and Melbourne 1.5 per cent while Brisbane and Perth fell 4.5 per cent and 4.3 per cent respectively.”

The managing director of Hotels for Savills Australia, Michael Simpson, said the investment market continued to be attracted to Australian hotels, which had posted strong risk-adjusted returns.

“The key markets of Sydney and Melbourne have shown strong and consistent growth in performance. Hot yoga brighton ma They remain the most favoured investment destinations for both domestic and international hotel buyers,” Mr Simpson said.

“Demand for hotel investment opportunities is far outstripping supply, with arguably the widest geographical spread of buyers in Australian history seeking hotel investments in Australia.

“Key investors from markets including Asia, USA, UK and Europe are aggressively chasing new opportunities to deploy capital in Australian hotels, while hotel owners are reluctant to sell into these markets despite record prices being achieved for Sydney with the recent $700 million sale of the Ribbon Hotel and Residences, and a soon to be announced record price per room Collins Street, Melbourne, hotel transaction,” he said.

According to Mr Simpson other markets such as Brisbane, Perth and Darwin are now presenting themselves as sound counter-cyclical investment opportunities, especially well-located hotels with repositioning or other value-add upside.

“Debt remains cheap and readily available for hotel assets, and there is a positive spread between the cost of debt and investment yields. India yoga relaxing music meditation vocal Australia is a safe haven for international investment capital and the recent official figures from the ABS are sure to see strong demand for Australian hotels continuing into the future,” Mr Simpson said.

“The Gold Coast performed very well, with occupancy rates growing by almost 3 per cent driving an average revenue rise of 7.5 per cent. Yoga a luka la florida This is reinforced by job advertisements across the Gold Coast that have increased 21.3 per cent in the past three years, against 7.9 per cent for Australia as a whole, showing the lower AUD and Commonwealth Games preparation is driving strong momentum in the city.”

The worst performing capital was Darwin, where a slowdown in resource construction activity saw a material 16.8 per cent fall in average room revenues over the year, he said.